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1-Old-Man

(2,667 posts)
Fri Dec 14, 2012, 12:53 PM Dec 2012

A Question about the Alternative Minimum Tax

I believe the alternative minimum tax (AMT), the one that is supposed to annually rape the upper end of the middle class taxpayer these days, is now at 28%. This tax was put into place forty years ago to capture taxes from those who had managed their incomes in such a way as to make nearly their entire lives deductible. If you made a bundle of money and had managed to whittle your taxes down to say 10%, well this tax would kick in and you'd end up having to pay the higher AMT.

So tell me, with this tax still in place how did Mitt Romney managed to only pay 14% in at least one recent year?

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